Also India's population is very young compared to many other countries. The average age of the population is only 28. Can you understand what kind of social unrest will happen if this huge amount of population is not able to find a mean of living! Do not always trust what the government says. India is still an under developed country and we have a long way to go.
The average Indian youth under 30 earns around 10k - 25k Rupees per month and with that there is a struggle to survive with the rising prices. This means that the hunt for better work and thus the hunt for better degrees which can fetch them those higher jobs.
Still the people who are giving the jobs are lot but its getting competitive for the youth and thus a lot of social problems are arising.
India has a long way to go in terms of the development and job creation. Heck they spend very low on the healthcare in GDP which was criticized and that leads to poor government infrastructure when its needed. Although the current government is trying to correct a few, there is problem in the roots.